Condensed Combined Debtors' Financial Information (Tables)

3 Months Ended

Mar. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Unconsolidated Subsidiaries, Debtor In Possession [Table Text Block]

Debtors' Balance Sheet

(Dollars in thousands, except for share data)

	As of March 31, 2018
Assets
Current assets:
Cash and cash equivalents	$	120,122
Restricted cash	9,004
Accounts receivable, less allowance for doubtful accounts of $4,286	212,010
Trade receivable	5,612
Prepaid expenses and other current assets	51,720
Total current assets	398,468
Property and equipment, net	193,322
Other intangible assets, net	78,289
Goodwill	135,214
Investment in non-filing entities	1,203,809
Other assets	20,772
Total assets	2,029,874
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable and accrued expenses	86,661
Total current liabilities not subject to compromise	86,661
Other liabilities	179
Total liabilities not subject to compromise	86,840
Liabilities subject to compromise	2,643,984
Total liabilities	2,730,824
Stockholders’ deficit:
Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,952 shares issued and 29,225,765 shares outstanding	320
Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding	1
Treasury stock, at cost, 2,806,187 shares	(229,310		)
Additional paid-in-capital	1,626,594
Accumulated deficit	(2,098,555		)
Total stockholders’ deficit	(700,950		)
Total liabilities and stockholders’ deficit	$	2,029,874

Debtors' Statement of Operations

(Dollars in thousands)

	Three Months Ended March 31, 2018
Net revenue	$	263,679
Operating expenses:
Content costs	99,815
Selling, general & administrative expenses	114,481
Depreciation and amortization	11,981
LMA fees	1,107
Corporate expenses (including stock-based compensation expense of $166)	10,487
Loss on sale or disposal of assets or stations	11
Total operating expenses	237,882
Operating income	25,797
Non-operating expense:
Reorganization items, net	(30,167		)
Interest expense, net	(99		)
Other income, net	3
Total non-operating expense, net	(30,263		)
Loss before income taxes	(4,466		)
Income tax benefit	(70		)
Loss from operations	(4,536		)
Equity in earnings of non-filing entities	(465		)
Net loss	$	(5,001	)

Debtors' Statement of Cash Flows

(Dollars in thousands)

	Three Months Ended March 31, 2018
Cash flows from operating activities:
Net loss	$	(5,001	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,981
Provision for doubtful accounts	1,105
Loss on sale or disposal of assets or stations	11
Deferred income taxes	70
Stock-based compensation expense	166
Equity in earnings of non-filing entities	465
Changes in assets and liabilities (excluding acquisitions and dispositions):	39,575
Net cash provided by operating activities	48,372
Cash flows from investing activities:
Capital expenditures	(9,005		)
Net cash used in investing activities	(9,005		)
Cash flows from financing activities:
Adequate protection payments on term loan	(22,131		)
Net cash used in financing activities	(22,131		)
Increase in cash and cash equivalents and restricted cash	17,236
Cash and cash equivalents and restricted cash at beginning of period	111,890
Cash and cash equivalents and restricted cash at end of period	$	129,126